Former Rep. Jesse L. Jackson Jr. (D-Ill.) will plead guilty to conspiring with his wife to illegally spend $750,000 in campaign funds on personal expenses, including a $43,000 Rolex watch, fur coats and memorabilia associated with Michael Jackson, Martin Luther King Jr., Malcolm X and Bruce Lee, according to information obtained by POLITICO.

The charges against him include conspiracy, making false statements, and mail and wire fraud.

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Prosecutors will recommend a prison sentence of between 46 months and 57 months for Jackson Jr., as well as a fine of $10,000 to $100,000, and forfeiture of a yet-to-be-determined portion of the misspent $750,000 in campaign funds.

Jackson’s wife, former Chicago Alderman Sandi Jackson, has also pled guilty to one count of filing false joint tax returns, according to court documents. She faces up to three years in prison and a $100,000 fine. At different times, Sandi Jackson served as her husband’s campaign manager and campaign treasurer. Both Jacksons resigned from office amid the Justice Department’s investigation into their finances. The couple has two children.

Jackson, Jr., issued a statement through his attorneys on Friday afternoon apologizing for his actions.

“Over the course of my life I have come to realize that none of us are immune from our share of shortcomings and human frailties. Still I offer no excuses for my conduct and I fully accept my responsibility for the improper decisions and mistakes I have made,” Jackson said. “To that end I want to offer my sincerest apologies to my family, my friends and all of my supporters for my errors in judgment and while my journey is not yet complete, it is my hope that I am remembered for the things that I did right.”

The allegations against the Jacksons represent a breathtaking scheme to re-appropriate donors’ money to finance trips and luxuries, pay bills and even send the couple’s children to school. Unlike many scandals that have ensnared elected officials, this brazen tale of personal enrichment doesn’t involve public money.

It’s a story of a Chicago power couple that lost track of the line between campaign cash and personal funds in a spiral of money troubles. The government will allege the Jacksons lied on campaign finance and House financial disclosure forms to cover up the fact that they were using campaign money to build a lifestyle way beyond their means. Federal investigators sank their teeth into the couple, even conducting an apparent sting operation in August 2012. An undercover employee bought two mounted elk heads that Jackson Jr. had bought from a Montana taxidermist with campaign funds.

The $750,000 in alleged misspent campaign funds included thousands of individual transactions that ranged from airplane tickets, booze and cigars to groceries.

Jackson Jr. repeatedly used campaign funds to pay down the couple’s credit-card balances. In one instance, Jackson Jr.’s campaign paid Sandi Jackson’s business $36,000 for “billboard expenses.” A week later, prosecutors say, Sandi Jackson transferred the same amount from her business to the Jacksons’ personal account, from which it was used to pay down personal debts.

The Jacksons used campaign funds to cover even the most basic of necessities, including cleaning supplies, bathrobes, underwear, toilet paper, toothpaste, soap, vitamins and stuffed animals, among other things, according to prosecutors. They also spent freely on luxuries, including home electronics, a trip to a Martha’s Vineyard spa for a member of Sandi Jackson’s family, Walt Disney World transportation services and charges of more than $4,000 on a 2006 cruise, court documents allege.